Stock Market News October 30 2019
U.S. Fed cuts interest rates, signals it is on hold. The Federal Reserve on Wednesday cut interest rates for the third time this year to help sustain U.S. growth despite a slowdown in other parts of the world, but signaled there would be no further reductions unless the economy takes a turn for the worse.Source: Yahoo Finance
“We believe that monetary policy is in a good place,” Fed Chair Jerome Powell said in a news conference after the U.S. central bank announced its decision to cut its key overnight lending rate by a quarter of a percentage point to a target range of between 1.50% and 1.75%.
“We took this step to help keep the economy strong in the face of global developments and to provide some insurance against ongoing risks,” he said. “We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook.”
US stock market closed marginally lower after the third consecutive rate cut by the Fed. This is the summary for US stock market at close on Wednesday October 30, 2019:
- S&P 500: 3,046.77,+9.88(+0.33%)
- Dow 30: 27,186.69,+115.29(+0.43%)
- Nasdaq: 8,303.98, +27.13(+0.33%)
- Russell 2000: 1,572.85,-4.22(-0.27%)
Stocks biggest gainers
PG&E Corporation (PCG) was among stocks biggest gainers closing at $6.14+$1.11 (+22.07%).
Stocks biggest losers
Enphase Energy, Inc. (ENPH) was among stocks biggest losers closing at $18.76-$6.43 (-25.53%).
Stock investing | Stock trading | Most active stocks
General Electric Company (GE) was among most active stocks closing at $10.11+$1.04 (+11.47%).
U.S. Sectors & Industries Performance
Utilities was the best performing sector + 0.87%, Energy was the worst performing sector -2.12%.
Stock earnings calendar
Notable earnings today are Kraft Heinz (KHC), Pinterest (PINS, Sprint (S), Estée Lauder (EL), Bristol-Myers Squibb (BMY), Wayfair (W), Clorox (CLX), Allergan (AGN), Altria (MO).
Stock market update
This report is written by Stavros Georgiadis, CFA Equity Research Analyst, Investment Strategist.